“Another concern for Civic is the competition, as TheKey, Factom, Digusign and Radium are also operating in this same area. As strong points going for Civic we have its creator, Vinny Lingham, an experienced and successful businessman, as well as the use cases: fighting online fraud, lack of security from Facebook or Twitter sign-in, and the fact that ID-verification is a large industry, which represents a great opportunity….”
Coin Name: Civic
Birth of project: 2017
Project Status: Pending
Circulating Supply: 342,699,966 CVC
Official website: https://www.civic.com/
Official Wallet: https://www.myetherwallet.com/
Introduction to Civic (CVC)
We live more and more in a digital world, and identity theft is an issue. This is the purposes behind the creation of Civic, affordable identity protection, as well as easy access to our digital identity.
Civic manages identities, so it has a double strong use case, given the existing anonymity in the blockchain. The Civic Identity Platform, which we can access here https://www.civic.com/ or download from the app store in mobile, allows us to use our identity in real-time in the blockchain, whenever that is necessary.
Civic enables the protection of our identity, and the authorization of its use, so it’s a safe sign-in experience. To setup our Civic account we need to upload personal documents, like a driver’s license, a passport, or a national identity document.
This data is encrypted though, and received by Civic or by a trusted partner, while the blockchain checks its veracity. This validation process uses public records and fraud detection algorithms, but manual audits can also be made if necessary.
Once our account is ready, there’s no longer need for register processes, usernames and passwords, or two factor authentication. All we need is the Civic authentication method, “Continue with Civic” button like, which we can try for ourselves in any site with Civic already integrated.
There isn’t a file Civic has with our information, the data is stored in our device, and to login a site or make a transaction biometric identification is necessary (finger print, voice or facial). No one can access our information. The blockchain private key adds another layer of security to this process, pretty much like a wallet software.
The challenges Civic has are the ones that most blockchain technology faces too, user adoption. For Civic to succeed partnerships with governments, financial institutions and merchants have to be made or else no one will use it. Currently, the only partners Civic has are operating in the crypto area, and making Civic a massively used method is still something distant.
Another concern for Civic is the competition, as TheKey, Factom, Digusign and Radium are also operating in this same area. As strong points going for Civic we have its creator, Vinny Lingham, an experienced and successful businessman, as well as the use cases: fighting online fraud, lack of security from Facebook or Twitter sign-in, and the fact that ID-verification is a large industry, which represents a great opportunity.
No usernames and passwords and no two factor authentication certainly seems engaging, Civic just has to gain user adoption to make this a reality. It will all come down to the partnerships they will be able to make.
This is a brief introduction to Civic, but if you want to know more about the coin, what people are saying about it, technical details, jump right in any of the links we present below. They are well worth reading before investing!
Feb 19, 2018: $0.424299
Jan 19, 2018: $0.753108
Dec 19, 2017: $0.573156
Nov 19, 2017: $0.281262